On Thursday, September 22, the University of Pennsylvania Board of Trustees rejected Fossil Free Penn’s proposal for divesting the endowment from the fossil fuel industry. The Trustees cited the finding by the Ad Hoc Advisory Committee that global climate change is not a moral problem and does not pose “a substantial social injury.” This rejection occurred despite the scientific consensus on climate change impacts, the overwhelming research evidence favoring divestment, and Penn community support from faculty, alumni, and students.

By rejecting fossil fuel divestment Penn’s administrators have turned their back on the millions of people that live in marginalized communities affected by climate change and exploited by the fossil fuel industry. We have campaigned over the last two years for fossil fuel divestment and clean reinvestment to achieve a just planet in which the lives of those who have been affected by climate change are no longer dismissed as disposable. The fossil fuel industry has repeatedly shown that they are willing to put profit ahead of human life and well-being. We are disappointed that Penn’s administration has chosen to side with coal, oil and gas companies over values of justice and human rights.

Furthermore, the Ad Hoc Advisory Committee was egregiously biased, and its illegitimate decision does not accurately represent the university community. First, the Trustees had chosen a Committee Chair who directly profits from fossil fuel extraction - as he is a senior Managing Director at an investment firm which finances oil and gas companies. With a clear nexus to fossil fuels bias, the Chair held ultimate control and influence over the committee. Second, the Trustees chose a student Committee Member who had previously published several extensive public articles expressing disapproval of divestment based on ideology and personal interests. Rather than entering the committee to objectively evaluate the presented evidence, their pre-existing biases extinguished any semblance of legitimacy. On the other hand, no other Committee Member had previously supported or campaigned in favor of divestment.

As Penn founder Benjamin Franklin stated, “When the well runs dry, we know the worth of water.” While Penn’s $10 billion endowment overflows with money other people are suffering due to our investments. We believe this is unjust - so we are not done working towards a responsible endowment and a just, sustainable world.